National Housing Market

By Erika Ludvigsen

US housing market continues to rebalance as national trends mask market‑level differences

National price and sales growth remained modest in March, but differences across large markets became more apparent as the spring homebuying season began.

Prices remain stable nationwide as local conditions diverged

Home prices showed little overall movement in March as the national market continued to settle into a more normalized pattern. The U.S. median home price was $385,000, up 1.3% from a year earlier. Month‑to‑month changes followed the typical early spring trends, reinforcing that national price momentum remained restrained rather than accelerating.

Price growth varied significantly across large metropolitan markets. Many markets posted modest year‑over‑year gains, while others recorded small declines tied to ongoing rebalancing after earlier periods of faster appreciation. Several large markets in California and Texas saw price declines, while most markets in the Northeast and Midwest continued to post gains. Condo prices followed a similar national pattern, with modest annual growth overall but wide variation across local markets, reflecting differences in affordability and supply conditions.

Inventory continues to expand, easing earlier constraints

Housing supply continued to improve in March as active listings rose to approximately 1.27 million nationwide, about 11% higher than a year earlier. The increase marked continued progress from the historically tight conditions that characterized much of the early 2020s, and provided buyers with more options as the spring homebuying season got underway.

However, the pace of inventory expansion remained uneven across large markets as supply continued to rebalance. Some markets saw substantial increases in active listings, while others recorded more limited change. For example, Raleigh, North Carolina, posted a notable increase in inventory, while active listings declined in Jacksonville, Florida, underscoring how local conditions continued to shape market dynamics.

Sales reflect selective demand rather than broad weakness

Home sales increased in March, consistent with the market’s transition into its homebuying spring season. Nationally, about 282,000 homes were sold in March, leaving sales roughly flat compared with a year earlier. At the market level, however, sales outcomes varied more noticeably. Some large markets, including Philadelphia, Baltimore, and several Midwestern metros, recorded modest year‑over‑year gains. Others, such as Austin, Phoenix, and several large markets in Florida and California, saw lower activity. These mixed results reflected differences in pricing, inventory availability, and buyer selectivity rather than a uniform change in demand, reinforcing the broader pattern of normalization underway.


Midwestern and Northeastern markets posted the strongest gains, while several California and Texas markets saw price declines.
Midwestern and Northeastern markets posted the strongest gains, while several California and Texas markets saw price declines.


National Sale Prices

The U.S. median sale price was $385,000 in March, rising from $380,000 one year earlier. The $5,000 increase in the median price amounted to a 1.3% annual gain.

US sale prices increase slightly from a year earlier as price growth moderates

National sale prices increased modestly over the past year. The U.S. median sale price rose 1.3% year over year in March 2026, reflecting continued price stability following the rapid appreciation seen earlier in the decade. Month‑to‑month changes followed typical early‑spring seasonality, reinforcing the view that national pricing momentum was remaining steady rather than accelerating.

Price growth of single-family homes outpaces other property types

National price trends varied by property type. Single-family homes posted 2.1% annual growth, adding roughly $8,052 over the past year. Condos experienced modest growth of 1.2%, while townhomes declined 0.8%. This suggests continued preference for single-family homes, even as overall market price growth slows.

Affordable Midwest gains while former hotspots see modest pullbacks

Price gains were led by relatively affordable Midwestern markets, Kansas City (7.7%), St. Louis (7.5%), Baltimore (6.7%), Pittsburgh (6.4%), Detroit (5.2%), and San Francisco (12.4%), where tight supply continued to push prices higher. In contrast, several large markets in California and Texas saw price declines, including the Inland Empire (2.4%), Sacramento (2.3%), Houston (2.1%), Austin (1.3%), and Dallas-Fort Worth (1.2%).


Dashboard summarizing U.S. home prices showing current price, annual change, and three- and five-year growth trends.
Home prices stood at $385,000, up 1.3% year-over-year, reflecting $30,000 growth over three years and nearly 45% growth over five years.


Bar chart showing U.S. median home sale prices from 2018 to 2026, rising steadily and leveling near $400,000.
U.S. sale prices remained near record highs in early 2026, holding just below $400,000 after peaking in 2025.


Line chart displaying annual dollar changes in U.S. sale prices, peaking in 2022 and moderating by 2026.
Annual price growth slowed markedly, with gains narrowing to roughly $5,000.


Area chart showing year-over-year percent change in U.S. home prices, with peak growth in 2021 and recent slowdown.
Annual price appreciation eased to low single digits, well below the double-digit growth recorded during 2021 and 2022.

Bar chart comparing U.S. median home sale prices each March from 2018 through 2026, showing steady increases.
March sale prices reached $385,000, the highest March level on record and $29,300 higher than March 2021.


Bar chart showing year-over-year percent change in U.S. March sale prices, peaking in 2021–2022 and slowing recently.
March price growth slowed to 1.3%, down sharply from double-digit gains in 2021 and 2022.


Horizontal bar chart ranking March home sale prices across major U.S. metro markets, led by California metros.
West Coast markets continued to lead prices, with San Francisco ($1.7M) and San Jose ($1.63M) ranking highest nationally.


Horizontal bar chart showing year-over-year March price changes by metro, highlighting wide regional performance differences.
Midwestern and Northeastern markets posted the strongest gains, led by San Francisco (+12.4%), while several Sun Belt markets declined.


U.S. map categorizing 40 major markets by March home price change, showing most with modest increases.
Among the top 40 markets, 60% recorded price changes between negative 1% and postive 4%, while only 10 markets saw increases above 4%.


Line chart tracking share of U.S. housing markets with rising prices from 2018 to 2026.
A majority of the markets tracked by Homes.com, 583 of 933 or 62.5%, posted annual price gains.


U.S. state map showing annual home price changes grouped into declines, moderate gains, and stronger growth.
Most states experienced modest appreciation, with 28 states rising 0% to 5%, while just 9 states exceeded 5% growth


Dashboard comparing U.S. sale prices and annual growth for detached, attached, and condo homes.
Single-family homes remained the most expensive at $393,052, while townhomes posted a 0.8% annual decline.


Single-family homes continued to outperform, while condo prices showed modest growth, and townhome prices softened year over year.<br/><br/>
Single-family homes continued to outperform, while condo prices showed modest growth, and townhome prices softened year over year.


National Inventory

Inventory reached more than 1.2 million listings in March. Inventory increased in nearly 84% of U.S. markets, signaling widespread supply growth.

US housing inventory climbs as listings rise 10.7% nationwide

U.S. active listings totaled 1,274,931 in March, up 10.7% year over year and 44.4% higher than three years ago. The growth reflected a meaningful recovery from the historically low levels seen during the pandemic. As more sellers returned to the market, widespread inventory gains pointed to more balanced supply conditions nationwide.

Inventory expands across property types, led by single-family homes

Inventory increased across all major property types nationally. Single-family homes accounted for the largest share of inventory growth, adding nearly 100,000 listings year over year. Townhomes and condos also saw increases, adding nearly 10,000 and just over 16,000 listings, respectively.

Inventory growth is widely distributed across US markets

Inventory growth extended across most of the country. Large markets with especially strong inventory growth over the past year included Raleigh, NC (26.2%), Pittsburgh (20.0%), and Detroit (19.9%). Inventory increased in nearly 84% of the 933 markets tracked by Homes.com. Jacksonville, Phoenix, San Francisco, and the Inland Empire were the only large markets with fewer homes available for purchase in March than a year ago.


Dashboard summarizing U.S. active listings, current level, annual change, and three‑ and five‑year growth compared over time.
Active listings totaled 1.27 million, up 10.7% year-over-year, sitting 44.4% above three years ago but only 9.2% higher than five years ago.


Bar chart showing monthly U.S. active listings from 2018 to 2026, rebounding sharply after 2021 lows.
Inventory continued to rise in early 2026, remaining above 1.2 million listings, the highest early‑year level since before the pandemic.


Line chart showing year‑over‑year change in U.S. active listings, shifting from negative to positive after 2022.
Annual inventory gains remained positive at roughly 120,000 listings, well below the 2024 peak but signaling continued supply expansion.


Area chart of year‑over‑year percent change in U.S. active listings, peaking in 2024 before moderating in 2026.
Annual inventory growth cooled to just above 10%, down from over 25% in 2024.


Bar chart comparing U.S. active listings each March from 2018 through 2026, showing strong post‑2022 growth.
March listings climbed to 1.27 million, up from 882,848 in March 2023 and exceeding pre‑pandemic levels.


Bar chart showing year‑over‑year percent change in U.S. March active listings, turning positive after 2022 declines.
Listings in March rose 10.7% year‑over‑year, marking the fourth consecutive March with positive inventory growth.


Horizontal bar chart ranking major U.S. metros by March active listings, led by Texas markets.
Large Sun Belt metros led the way in inventory levels, with Houston (40,710) and Dallas (36,111) ranking highest nationally.


Horizontal bar chart showing year‑over‑year March active listings growth by metro, highlighting regional variation.
Inventory growth was most pronounced in smaller and mid‑sized markets, led by Raleigh (26.2%) and Pittsburgh (20.0%).


U.S. map showing active listings growth ranges across top 40 housing markets, with most seeing moderate increases.
Nearly half of the top 40 markets (48%) posted inventory gains between 6% and 14% and an addtional 23% posted gains of more than 14%, signaling a broad‑based supply recovery.


Line chart showing share of U.S. markets with increasing active listings, surpassing 80% in March 2026.
The majority of the markets tracked by Homes.com (782 of 933, or 83.8%) recorded rising inventory.


U.S. state map grouping active listings growth into declines, moderate increases, and gains above 20%.
More than half of states (26) posted inventory growth between 9% and 20%, while 13 states exceeded 20%.


Dashboard showing U.S. active listings and annual growth for single-family, townhome, and condo property types.
Single-family homes drove inventory growth in March, accounting for nearly 996,000 listings and a 10.8% annual increase.


Side‑by‑side bar charts comparing U.S. active listings levels and annual growth rates by property type.
Inventory expanded across all property types, led by single-family homes, while townhome and condo listings also posted double‑digit growth.


National Home Sales

The U.S. recorded nearly 282,000 sales in March, a 0.5% year-over-year increase, with just 1,360 more closings than last March.

National sales volume stays below pre-pandemic levels

U.S. home sales totaled 281,801 in March, up just 0.5% from a year earlier and 17.8% lower than five years ago. Transaction volumes suggested that demand remained present but increasingly selective, shaped by affordability considerations and local market conditions.

Home sales volume varies by property types, single-family homes lead growth

Home sales volumes were mixed across property types. Single-family sales were up modestly by 0.9%, condo sales also saw a modest year over year increase of 0.3%, and townhome sales posted a year-over-year decline at 3.0%. Single-family homes continued to account for the majority of transactions (231,902 sales), but weak or negative appreciation in the typically more affordable townhome and condo segments indicated weaker demand.

Home sales increased in 19 of the largest 40 markets nationwide, with no clear regional pattern

Home sales activity improved in nearly half of the largest 40 U.S. markets. Markets that saw the largest increases include Kansas City (13.6%), Richmond (11.1%), San Francisco (9.8%), Oklahoma City (8.4%), and San Antonio (7.2%). Among the 933 markets tracked by Homes.com, less than half, or 49.4%, recorded higher sales, underscoring the uneven nature of the adjustment underway. Rather than signaling a pullback in interest, sales patterns reflected buyers responding carefully to pricing, supply, and financing conditions on a market‑by‑market basis.


Dashboard summarizing U.S. home sales showing current volume, annual change, and three‑ and five‑year declines.
U.S. home sales totaled 281,801, down 17.8% from five years ago and 9.7% lower than three years ago, however, up 0.5% from March of 2025.


Bar chart showing monthly U.S. home sales from 2018 to 2026, peaking in 2021 and settling lower recently.
Monthly home sales remained muted in early 2026, hovering near 280,000, well below the 2021 peak above 450,000.


Line chart showing year‑over‑year change in U.S. home sales, with steep declines easing by 2026.
Annual sales increased by 1,360, a strong improvement from year-over-year declines exceeding 100,000 in 2023.


Area chart of annual percent change in U.S. home sales, showing volatility and stabilization near zero.
Year‑over‑year home sales were nearly flat at 0.5% in March compared to the same time a year ago.


Bar chart comparing U.S. March home sales from 2018 through 2026, showing sustained weakness after pandemic peak.
March sales reached 281,801, nearly consistent with March sales volume in 2024 and 2025.


Bar chart showing year‑over‑year percent change in U.S. March home sales, turning marginally positive in 2026.
March sales increased slightly from a year earlier, ending a four‑year streak of annual declines for the month.


Horizontal bar chart showing March home sales by metro, led by Dallas–Fort Worth and Chicago.
Dallas–Fort Worth (7,598), Chicago (7,557), and Phoenix (7,118) recorded the highest March sales volume among the top 40 largest markets.


Horizontal bar chart showing year‑over‑year March home sales changes across major U.S. metro markets.
Sales performance across the top 40 markets remained uneven.


U.S. map categorizing top 40 housing markets by March home sales change, showing mixed regional outcomes.
Sales performance across the top 40 markets remained uneven, with moderate gains concentrated in select regions.







Line chart showing share of U.S. markets with increasing home sales, stabilizing near 50% in 2026.
Sales increased in 49.4% of U.S. markets, leaving a slight majority (50.6%) with year-over-year declines.


Summary table showing U.S. home sales and annual declines by property type, led by attached homes.
Single-family homes continued to account for the majority of sales activity, while townhomes saw a year-over-year decline in sales volume.


Grouped bar chart showing U.S. home sales volumes and annual percent change by property type.
Single-family homes continue to outperform, posting 0.9% annual growth, while townhome volume fell 3.0% and condo sales grew modestly at 0.3%.


For questions and commentary about this report:

Erika Ludvigsen, National Director of Residential Analytics at CoStar and Homes.com, based in Atlanta, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Erika Ludvigsen

National Director of Residential Analytics

Homes.com

eludvigsen@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all home sales are accounted for, they provide an early indication of home sale price appreciation, inventory changes, and sales volume during March 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.

About Homes.com

The Homes.com Network is the fastest-growing residential real estate marketplace and the second largest in the United States. Homes.com is a brand of CoStar Group (NASDAQ: CSGP), a global leader in commercial real estate information, analytics, and online marketplaces, which acquired the platform in 2021.

Homes.com is the first major U.S. real estate portal to focus first on helping homeowners and their agents leverage the marketing power of the internet to bring more potential buyers to their listings. Homes.com’s unparalleled content and search capabilities bring millions of buyers and sellers to the site where they can seamlessly connect with agents. On average, Homes.com’s Members are winning 60% more listings* because they offer the home sellers a real estate portal that works for them not against them.

The Homes.com Network reached an audience of 108 million average monthly unique visitors in 2025** Consumer brand awareness skyrocketed from 4% to 33% in just one year since CoStar Group launched the industry’s largest marketing campaign to date in February 2024, reintroducing the platform to the market. For more information, visit Homes.com.

*Based on internal analyses comparing Members to non-Members on Homes.com.

** Homes.com Network (which includes Homes.com, the Apartments Network, and the Land Network) average monthly unique visitors (108 million) for the year ended December 31, 2025, according to Google Analytics

About CoStar Group

CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted over 139 million average monthly unique visitors in the fourth quarter of 2025, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

Media Contact:

Matthew Blocher

CoStar Group

(202) 346-6775

mblocher@costar.com


Writer
Erika Ludvigsen

Erika Ludvigsen is the National Director of Residential Analytics for CoStar and Homes.com, where she delivers insight on the U.S. housing market by analyzing Homes.com’s residential datasets alongside broader economic and demographic trends. She brings deep expertise in new construction, having previously led the national market intelligence team at PulteGroup, and has held roles at BlackRock, Century Communities, and Elme Communities. With more than 15 years in real estate market analytics, she holds a finance degree from Georgetown University and regularly speaks on residential real estate at major industry events, including IMN’s Land/Homebuilding Capital Markets Forum and the International Builders’ Show (IBS). Her work has been featured in The Wall Street Journal and RISMedia.

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